Real estate drives Alexander’s

Many may believe Alexander’s, the department store chain that went bust more than a decade ago, simply faded into the sunset. In fact, it still exists as a thriving public company on the strength of its real estate, particularly a block-long plot across the street from Bloomingdale’s on Lexington Avenue, where the Bloomberg Tower now sits thanks to Steven Roth at Vornado Realty Trust. Real estate has been a key factor in a string of other recent deals among retailers — including Kmart and Sears, Federated and May department stores, as well as the sales of Toys “R” Us and Target Corp.’s Mervyn’s. more [WSJ]